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By Trend

Organization for Economic Co-operation and Development (OECD) will simplify business creation in Turkmenistan through its project, William Tompson Head of Eurasia Division at Organisation for Economic Co-operation and Development (OECD) told Trend.

Tompson pointed out that the project, which was created in order to improve the legal environment for entrepreneurship in Central Asia, is still underway.

Turkmenistan’s participation in the mentioned project was noted in February, 2020. Previous reports said the regional project is being implemented with the financial support of the European Union. Within its framework, the governments of Turkmenistan and other Central Asian countries are provided with analytical support in order to identify priority areas of reforms designed to improve the legal environment of entrepreneurship.

OECD has identified several priorities for reform and hopes to work with the Turkmen government to address them this year and the next one.

"These include modernizing and streamlining investment legislation, creating and Investment Promotion Agency (ideally with a role in investment policy and after-care, as well as promotion); simplifying business creation and registration procedures; and improving the operational environment for private firms, by reducing administrative burdens (licencing, permits, etc), establishing a more level playing field between state and private sectors, and ensuring reliable and accountable enforcement," said Tompson.

Referring to the last mentioned priority, he added that this could benefit from creation of a business ombudsman with oversight of inspections and related issues.

He said the implementation of this project could be beneficial for Turkmenistan’s non-extractive private sector.

Tompson also said that aside from focusing on hydrocarbon exports, Turkmenistan could benefit from diversification of economic activity and exports, as it would help create more and better jobs.

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